IMARC Group, a leading market research company, has recently releases report titled “Home Medical Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global home medical equipment market size, growth, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Home Medical Equipment Market
Home medical equipment refers to a range of medical devices that are used in a home care setting to support patient health and well-being. These devices include reservoirs, high-pressure cylinders, oxygen accessories and supplies, concentrators, home invasive mechanical ventilators, CPAP machines, RAD devices, oxygen conserving appliances, IPPB instruments, and nebulizers. Home medical equipment plays a vital role in monitoring patients’ health and providing essential healthcare services in the comfort of their own homes. These devices not only enable regular health monitoring but also enhance patient safety and improve overall healthcare outcomes. They are readily available through various channels, including hospital pharmacies, online retailers, and medical stores, ensuring easy access for patients and caregivers.
How big is the Home Medical Equipment Market?
The global home medical equipment market size reached US$ 37.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 53.7 Billion by 2028, exhibiting a growth rate (CAGR) of 6.4% during 2023-2028.
Home Medical Equipment Market Trends and Drivers:
The home medical equipment market is influenced by several industry trends and drivers that shape its growth and dynamics. One significant trend is the increasing demand for home-based healthcare solutions and the preference for aging in place. With the aging population and rising healthcare costs, individuals are seeking alternative options that allow them to receive medical care and support in the comfort of their own homes. This trend drives the demand for home medical equipment, as it enables patients to manage their health conditions and perform necessary treatments at home. Another driver is the advancements in technology and the development of innovative medical devices. Technological innovations have resulted in the design of compact, user-friendly, and connected home medical equipment that offer improved functionality and ease of use. These devices often incorporate features like remote monitoring, data connectivity, and mobile applications, enhancing patient convenience and enabling healthcare professionals to remotely monitor and manage patient care. Additionally, government initiatives and policies promoting home-based care and reimbursement support for home medical equipment are driving market growth. Governments and healthcare systems recognize the potential benefits of home healthcare in terms of cost savings, reducing hospital readmissions, and improving patient outcomes. This has led to the implementation of policies that facilitate the provision of home medical equipment and ensure reimbursement for patients.
What Is Included In Market Segmentation?
The report has been segmented the market into following categories:
Breakup by Equipment Type:
- Therapeutic Equipment
- Respiratory Therapy Equipment
- Dialysis Equipment
- Intravenous Equipment
- Patient Monitoring Equipment
- Conventional Monitors
- Telemedicine Patient Monitoring Equipment
- Mobility Assist and Patient Support Equipment
- Mobility Assist Equipment
- Medical Furniture
- Bathroom Safety Equipment
Breakup by Distribution Channel:
- Retail Medical Stores
- Online Retailers
- Hospital Pharmacies
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
Who Are The Key Players/Companies In Home Medical Equipment Market?
Abbott Laboratories, Arkray Inc., B. Braun Melsungen AG, Baxter International Inc., Caire Inc. (NGK Spark Plug Co. Ltd.), Inogen Inc., Invacare Corporation, Koninklijke Philips N.V., Medline Industries LP, Medtronic plc, OMRON Healthcare Inc. (Omron Corporation) and Resmed Inc.